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MGT252 > MGT252-Tab > Flashcards

MGT252-Tab Flashcards

1
Q

Marketing

A

The process by which companies engage customers, build strong customer relationships, and create customer value in order to capture value from customers in return.

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2
Q

Needs

A

State of felt deprivation

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3
Q

Wants

A

The form human needs take as they are shaped by culture and individual personality.

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4
Q

Marketing offerings

A

Some combination of products, services, information, or experiences offered to a market to satisfy a need or want.

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5
Q

Marketing myopia

A

The mistake of paying more attention to the specific products a company offers than to the benefits and experiences produced by these products.

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6
Q

Exchange

A

The act of obtaining a desired object from someone by offering something in return.

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7
Q

Marketing management

A

The art and science of choosing target markets and building profitable relationships with them.

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8
Q

Production concept

A

The idea that consumers will favor products that are available and highly affordable; therefore, the organization should focus on improving production and distribution efficiency.

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9
Q

Product concept

A

The idea that consumers will favor products that offer the most quality, performance, and features; therefore, the organization should devote its energy to making continuous product improvements.

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10
Q

Selling concept

A

The idea that consumers will not buy enough of the firm’s product unless the firm undertakes a large-scale selling and promotion effort.

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11
Q

Marketing concept

A

A philosophy in which achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions better than competitors do.

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12
Q

Societal marketing concept

A

The idea that a company’s marketing decisions should consider consumers’ wants, the company’s requirements, consumers’ long-run interests, and society’s long-run interests.

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13
Q

Customer relationship management

A

The overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.

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14
Q

Customer-perceived value

A

The customer’s evaluation of the difference between all the benefits and all the costs of a marketing offer relative to those of competing offers.

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15
Q

Customer satisfaction

A

The extent to which a product’s perceived performance matches a buyer’s expectations.

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16
Q

Customer-engagement marketing

A

Making the brand a meaningful part of consumers’ conversations and lives by fostering direct and continuous customer involvement in shaping brand conversations, experiences, and community.

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17
Q

Consumer-generated marketing

A

Brand exchanges created by consumers themselves, both invited and uninvited, by which consumers are playing an increasing role in shaping their own brand experiences and those of other consumers.

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18
Q

Partner relationship management

A

Working closely with partners in other company departments and outside the company to jointly bring greater value to customer.

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19
Q

Customer lifetime value

A

The value of the entire stream of purchases a customer makes over a lifetime of patronage.

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20
Q

Share of customer

A

The portion of the customer’s purchasing that a company gets in its product categories.

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21
Q

Customer equity

A

The total combined customer lifetime values of all of the company’s customers.

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22
Q

Strategic planning

A

The process of developing and maintaining a strategic fit between the organization’s goals and capabilities and its changing marketing opportunities.

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23
Q

Mission statement

A

statement of the organization’s purpose. What it wants to accomplish in the larger environment.

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24
Q

Business portfolio

A

The collection of businesses and products that make up the company.

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25
Q

Portfolio analysis

A

The process by which management evaluates the products and businesses that make up the company.

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26
Q

Growth-share matrix

A

A portfolio-planning method that evaluates a company’s SBUs in terms of market growth rate and relative market share.

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27
Q

Product/market expansion grid

A

A portfolio-planning tool for identifying company growth opportunities through market penetration, market development, product development, or diversification.

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28
Q

Market penetration

A

Company growth by increasing sales of current products to current market segments without changing the product.

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29
Q

Market development

A

Company growth by identifying and developing new market segments for current company products.

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30
Q

Product development

A

Company growth by offering modified or new products to current market segments.

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31
Q

Diversification

A

Company growth through starting up or acquiring businesses outside the company’s current products and markets.

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32
Q

Value chain

A

The series of internal departments that carry out value-creating activities to design, produce, market, deliver, and support a firm’s products.

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33
Q

Value delivery network

A

A network composed of the company, suppliers, distributors, and ultimately, customers who partner with each other to improve the performance of the entire system in delivering customer value.

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34
Q

Marketing strategy

A

The marketing logic by which the company hopes to create customer value and achieve profitable customer relationships.

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35
Q

Market segmentation

A

Dividing a market into distinct groups of buyers who have different needs, characteristics, or mixes.

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36
Q

Market segment

A

A group of consumers who respond in a similar way to a given set of marketing efforts.

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37
Q

Market targeting (targeting)

A

Evaluating each market segment’s attractiveness and selecting one or more segments to serve.

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38
Q

Positioning

A

Arranging for a product to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

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39
Q

Differentiation

A

Actually differentiating the market offering to create superior customer value.

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40
Q

Marketing mix

A

The set of tactical marketing tools, product, price, place, and promotion, that the firm blends to produce the response it wants in the target market.

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41
Q

SWOT analysis

A

An overall evaluation of the company’s strengths, weaknesses, opportunities, and threats.

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42
Q

Marketing implementation

A

Turning marketing strategies and plans into marketing actions to accomplish strategic marketing objectives.

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43
Q

Marketing control

A

Setting specific marketing goals, and then measuring and evaluating the results of marketing strategies and plans and taking corrective action to ensure that the objectives are achieved.

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44
Q

Marketing return on investment (marketing ROI)

A

The net return from a marketing investment divided by the costs of the marketing investment.

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45
Q

Marketing environment

A

The actors and forces outside marketing that affect marketing management’s ability to build and maintain successful relationships with target customers.

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46
Q

Microenvironment

A

The actors close to the company that affect its ability to serve its customers. The company, suppliers, marketing intermediaries, customer markets, competitors, and publics.

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47
Q

Macroenvironment

A

The larger societal forces that affect the microenvironment. The demographic, economic, natural, technological, political, and cultural forces.

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48
Q

Marketing intermediaries

A

Firms that help the company to promote, sell, and distribute its goods to final buyers.

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49
Q

Public

A

Any group that has an actual or potential interest in or impact on an organization’s ability to achieve its objectives.

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50
Q

Demography

A

The study of human populations in terms of size, density, location, age, gender, race, occupation, and other statistics.

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51
Q

Baby boomers

A

The 9.4 million people born during the years following World War II and lasting until 1965.

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52
Q

Generation X

A

The 7.2 million people born between 1966 and 1980 in the “bierth dearth” following the baby boom.

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53
Q

Millennials

A

The 8.6 million children of the baby boomers born between 1981 and 1997.

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54
Q

Economic environment

A

Economic factors that affect consumer purchasing power and spending patterns.

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55
Q

Natural environment

A

The physical environment and the natural resources that are needed as inputs by marketers or that are affected by marketing activities.

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56
Q

Environmental sustainability

A

Developing strategies and practices that create a world economy that the planet can support indefinitely.

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57
Q

Technological environment

A

Forces that create new technologies, creating new product and market opportunities.

58
Q

Political environment

A

Laws, government agencies, and pressure groups that influence and limit various organizations and individuals in a given society.

59
Q

Cultural environment

A

Institutions and other forces that affect society’s basic values, perceptions, preferences, and behaviors.

60
Q

Big Data

A

The huge and complex data sets generated by today’s sophisticated information generation, collection, storage, and analysis technologies

61
Q

Customer Insights

A

Fresh marketing information-based understandings of customers and the marketplace that become the basis for creating customer value, engagement, and other relationships.

62
Q

Marketing Information System (MIS)

A

People and procedures dedicated to assessing information needs, developing the needed information, and helping decision makers to use the information to generate and validate actionable customer and market insights

63
Q

Internal Databases

A

Collections of consumer and market information obtained from data sources within the company network/

64
Q

Competitive Marketing Intelligence

A

The systematic monitoring, collection, and analysis of publicly available information about consumers, competitors, and developments in the marketing environment.

65
Q

Marketing Research

A

The systematic design, collection, analysis, and reporting of data relevant to a specific marketing situation facing an organization

66
Q

Exploratory Research

A

Marketing research to gather preliminary information that will help define problems and suggest hypotheses

67
Q

Descriptive Research

A

Marketing research to better describe marketing problems, situations, or markets, such as the market potential for a product or the demographics and attitudes of consumers

68
Q

Causal Research

A

Marketing research to test hypotheses about cause-and-effect relationships.

69
Q

Primary Data

A

Information collected for the specific purpose at hand.

70
Q

Observational Research

A

Gathering primary data by observing relevant people, actions, and situations.

71
Q

Ethnographic Research

A

A form of observational research that involves sending trained observers to watch and interact with consumers in their “natural environments.”

72
Q

Survey Research

A

Gathering prime data by asking people questions about their knowledge, attitudes, preferences, and buying behavior

73
Q

Experimental Research

A

Gathering primary data by selecting matched groups of subjects, giving them different treatments, controlling related factors, and checking for differences in group responses

74
Q

Focus Group Interviewing

A

Personal interviewing that involves inviting small groups of people to gather for a few hours with a trained interviewer to talk about a product, service, or organization. The interviewer “focuses” the group discussion on important issues

75
Q

Online Marketing Research

A

Collecting primary data through internet and mobile surveys, online focus groups, consumer tracking, experiments, and online panels and brand communities.

76
Q

Online Focus Groups

A

Gathering a small group of people online with a trained moderator to chat about a product, service, or organization and gain qualitative insights about consumer attitudes and behavior

77
Q

Behavioral Targeting

A

Using online consumer tracking data and analytics to target advertisements and marketing offers to specific consumers.

78
Q

Sample

A

A segment of the population selected for marketing research to represent the population as a whole

79
Q

Customer Relationship Management (CRM)

A

Managing detailed information about individual customers and carefully managing customer touch points to maximize customer loyalty

80
Q

Marketing Analytics

A

The analysis tools, technologies, and processes by which marketers dig out meaningful patterns in big data to gain customer insights and gauge marketing performance

81
Q

Artificial intelligence (AI)

A

Technology by which machines think and learn in a way that looks and feels human but with a lot more analytical capacity

82
Q

Consumer buyer behavior

A

The buying behavior of final consumers, individuals and households that buy goods and services for personal consumption

83
Q

Consumer market

A

All the individuals and households that buy or acquire goods and services for personal consumption

84
Q

Culture

A

The set of basic values, perceptions, wants and behaviors learned by a member of society from family and other important institutions

85
Q

Subculture

A

A group of people with shared value systems based on common life experiences and situations

86
Q

Total Market Strategy

A

Integrating ethnic themes and cross-cultural perspectives within a brand’s mainstream marketing, appealing to consumer similarities across subcultural segments rather than differences.

87
Q

Social Class

A

Relatively permanent and ordered divisions in a society whose members share similar values, interests, and behaviors

88
Q

Reference Group

A

A group that serves as direct or indirect point of comparison or references in forming a person’s attitudes or behavior

89
Q

Opinion Leader

A

A person within a reference group who, because of special skills, knowledge, personality, or other characteristics, exerts social influence on others

90
Q

Word-of-mouth Influence

A

The impact of the personal words and recommendations of trusted friends, family, associates, and other consumers from buying behavior

91
Q

Influencer marketing

A

Enlisting established influencers or creating new influencers to spread the word about a company’s brands.

92
Q

Online social networks

A

Online social communities, blogs, online social media, brand communities, and other online forums, where people socialize or exchange information and opinions.

93
Q

Lifestyle

A

Aperson’s pattern of living as expressed in his or her activities, interests, and opinions.

94
Q

Personality

A

unique psychological characteristics that distinguish a person or group.

95
Q

Motive (drive)

A

A need that is sufficiently pressing to direct the person to seek satisfaction of the need.

96
Q

Perception

A

The process by which people select, organize, and interpret information to form a meaningful picture of the world.

97
Q

Learning

A

Changes in an individual’s behavior arising from experience

98
Q

Attitude

A

A person’s consistently favorable or unfavorable evaluations, feelings, and tendencies toward an object or idea.

99
Q

Cognitive Dissonance

A

Buyer discomfort caused by post-purchase conflict

100
Q

New Product

A

A good, service, or idea that is perceived by some potential customers as new.

101
Q

Business Buyer Behaviour

A

The buyer behavior of organizations that buy goods and services for use in the production of other products and services that are sold, rented, or supplied to others.

102
Q

Business buying process

A

The decision process by which business buyers determine which products and services their organizations need to purchase and then find, evaluate, and choose among alternative suppliers and brands.

103
Q

Derived demand

A

Business demand that ultimately comes from (desires from) the demand for consumer goods

104
Q

Supplier Development

A

Systematic development of networks of supplier-partners to ensure an appropriate and dependable supply of products and materials for use in making products or reselling them to others.

105
Q

Straight Rebuy

A

A business buying situation in which the buyer routinely reorders something without modifications.

106
Q

Modified Rebuy

A

A business buying situation in which the buyer wants to modify product specifications, prices, terms, or suppliers.

107
Q

New Task

A

A business buying situation in which the buyer purchases a product or service for the first time

108
Q

Systems selling (solutions selling)

A

Buying a packaged solution to a problem from a single seller, thus avoiding all the separate decisions involved in a complex buying situation.

109
Q

Buying Centre

A

All the individuals and units that play a role in the purchase decision-making process

110
Q

E-procurement

A

Purchasing through electronic connections between buyers and seller, usually online

111
Q

Market Segmentation

A

Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors and who might require separate marketing strategies or mixes

112
Q

Marketing Targeting (Targeting)

A

Evaluating each market segment’s attractiveness and selecting one or more segments to serve.

113
Q

Differentiation

A

Actually differentiating the market offering to create superior customer value.

114
Q

Geographic Segmentation

A

Dividing a market into different geographical units, such as nations, regions, provinces, cities, or even neighborhoods.

115
Q

Demographic Segmentation

A

Dividing the market into segments based on variables such as age, life-cycling stage, gender, income, occupation, education, religion, ethnicity, and generation.

116
Q

Age and life-cycle segmentation

A

Dividing a market into different age and life-cycle groups

117
Q

Psychographic Segmentation

A

Dividing a market into different segments based on lifestyle or personality characteristics

118
Q

Behavioural Segmentation

A

Dividing a market into segments based on consumer knowledge, attitudes, uses a product, or responses to a product

119
Q

Occasion Segmentation

A

Dividing the market into segments according to occasions when buyers get the idea to buy, actually make their purchase, or use the purchased item.

120
Q

Benefit Segmentation

A

Dividing the market into segments according to the different benefits that consumers seek from the product.

121
Q

Intermarket (cross-market) Segmentation

A

Forming segments of consumers who have similar needs and buying behaviors even though they are located in different countries

122
Q

Target Market

A

A set of buyers who share common needs or characteristics that a company decides to serve

123
Q

Undifferentiated (mass) marketing

A

A market-coverage strategy in which a firm decides to ignore market segment differences and go after the whole market with one after

124
Q

Differentiated (segmented) marketing

A

A market-coverage strategy in which a firm targets several market segments and designs separate offers for each

125
Q

Concentrated (niche) marketing

A

A market-coverage strategy in which a firm goes after a large share of one or a few segment or niches

126
Q

Micromarketing

A

Tailoring products and marketing programs for the needs and wants of specific individuals and local customer segments; it includes local marketing and individual marketing

127
Q

Local Marketing

A

Tailoring brands and marketing to the needs and wants of local customer segments e.g. cities, neighborhoods, and even specific stores

128
Q

Individual Marketing

A

Tailoring products and marketing programs to the needs and preferences of individual customers

129
Q

Product Position

A

The way a product is defined by consumers on important attributes. The place it occupies in consumers’ minds relative to competing products

130
Q

Competitive advantage

A

An advantage over competitors gained by offering greater customer value either by having lower prices or providing more benefits that justify higher prices

131
Q

Value Proposition

A

The full positioning of a brand, the full mix of benefits on which it is positioned

132
Q

Positioning Statement

A

A statement that summarizes company or brand positioning using this form: To (target segment and need) our (brand) is a (concept) that (point of differences)

133
Q

Market

A

The set of all actual and potential buyers of a product or service.

134
Q

Demands

A

Human wants that are backed by buying power.

135
Q

digital and social media marketing

A

Using digital marketing tools such as websites, social media, mobile apps and ads, online video, email, and blogs to engage consumers anywhere, at any time, via their digital devices.

136
Q

Generation Z

A

People born after 1997 who include the kid, tween, and teen markets.

137
Q

Secondary Data

A

Information that already exists somewhere, having been collected for another purpose

138
Q

Belief

A

A descriptive thought that a person holds about something

139
Q

Adoption Process

A

The mental process through which an individual passes from first hearing about an innovation to final adoption.

140
Q

Positioning

A

Arranging for a market offering to occupy a clear, distinctive, and desirable place relative to competing products in the minds of target consumers.

141
Q

Gender Segmentation

A

Dividing a market into different segments based on gender

142
Q

Income Segmentation

A

Dividing a market into different income segments

MGT252 (1 decks)

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